We chose to use both the spreadsheet method using Excel and the exponential growth formula to compare the two options. The lump sum of $10 million would produce just that. Both the formula and the spreadsheet produced $10,737,418.24. Here is the link to our spreadsheet.Spreadsheet Method When using the formula y = .01 (2)x-1 , we came up with the same total.
Graph(s)
Please see the above for a copy of our spreadsheet. We used the TI-83 calculator for the equation method.
Solution
y = .01 (2) x-1
We would pick the doubling daily for 31 days for a total of $10,737,418.24
Explanation
For the Excel method w started with $.01 and then preceeded to double each amount until day 31 (we chose a 31 day month). This method is similar to what we felt most of our students would do depending on the level of math they are currently taking. This method would give us $10,737,418.24 at the end of 31 days (a 30 day month would only give us only $5,38,709.12). For the equation method we came up with the equation (and figured that is what our uppper level students might use).
Both methods produce the same amount. Our group decided that if it is a 31 day month we would chose the doubling option. If it is a month less than 30 days we would chose the lump sum option)
RUBRIC
Category
Above and Beyond (5 points)
On Target (3 - 4 points)
Needs Improvement (1 - 2 points)
Incomplete (0 Points)
Method
Provided a method for solving the problem that is clear and accurate
Method provided was mostly clear and accurate
Method provided was mostly clear but not accurate
No method was provided or method was not clear or accurate
Graph(s)
Provided all appropriate tables and graphs that match with the given method
Provided most of the necessary tables and graphs correctly
Provided some of the tables and graphs correctly
Included no tables or graphs, or created all tables and graphs incorrectly
Solution
Provided all possible accurate solutions
Provided most of the possible solutions accurately
Provided only one of the possible solutions accurately
Included no solutions or no accurate solutions
Explanation
Included appropriate explanations for each possible solution
Included appropriate explanations for most of the given solutions
Included only one appropriate explanation for the given solutions
Included no explanations or all explanations were not appropriate for the given solutions
Method
We chose to use both the spreadsheet method using Excel and the exponential growth formula to compare the two options. The lump sum of $10 million would produce just that. Both the formula and the spreadsheet produced $10,737,418.24. Here is the link to our spreadsheet.Spreadsheet Method When using the formula y = .01 (2)x-1 , we came up with the same total.
Graph(s)
Please see the above for a copy of our spreadsheet. We used the TI-83 calculator for the equation method.Solution
y = .01 (2) x-1
We would pick the doubling daily for 31 days for a total of $10,737,418.24
Explanation
For the Excel method w started with $.01 and then preceeded to double each amount until day 31 (we chose a 31 day month). This method is similar to what we felt most of our students would do depending on the level of math they are currently taking. This method would give us $10,737,418.24 at the end of 31 days (a 30 day month would only give us only $5,38,709.12). For the equation method we came up with the equation (and figured that is what our uppper level students might use).Both methods produce the same amount. Our group decided that if it is a 31 day month we would chose the doubling option. If it is a month less than 30 days we would chose the lump sum option)
RUBRIC